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Prices steady on balanced supply and demand

Dutch and British wholesale gas prices were steady on Thursday morning with supply and demand in the market fairly balanced. The benchmark front-month contract at the Dutch TTF hub TRNLTTFMc1 was up 0.40 euros at 31.98 euros per megawatt hour (MWh), or $10.25/mmbtu, by 0823 GMT, LSEG data showed. The Dutch day-ahead contract TRNLTTFD1 was up 0.15 euros at 31.67 euros/MWh. In the British market, the front-month contract TRGBNPMc1 was up 0.6 pence at 74.15 pence per therm. “On the demand side there are no significant changes, however wind speeds ...

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Asia Naphtha/Gasoline-Gasoline margin on uptrend on tight balances

Asia’s gasoline markets continued its steady uptrend on Thursday as supplies from China tightened, while summer demand in the region remained firm. The refining margin for gasoline traded above $8 per barrel over Brent crude. China’s gasoline exports slid 2% on the year to 930,000 metric tons, but were up from 860,000 metric tons in May. Analysts expect further drop in Chinese supplies in July. In naphtha markets, refining margin rose to $70.93 per metric ton over Brent crude and the backwardation between first-half September and first-half October prices widened ...

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US natgas prices climb 3% on small storage build, hot weather forecasts

U.S. natural gas futures climbed about 3% on Thursday after dropping to a 10-week low in the prior session on a much smaller-than-expected storage build last week. Prices were also boosted by forecasts for hot weather to return in late July and early August, which should increase the amount of gas power generators burn to keep air conditioners humming. The U.S. Energy Information Administration (EIA) said utilities added just 10 billion cubic feet (bcf) of gas into inventories during the week ended July 12. Traders noted energy firms pulled gas ...

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Iran’s new reformist regime spurs hope of stable crude flows to Asian buyers

Asian importers are hoping for some normalcy to oil trade flows from Iran, as the country’s new reformist president pushes for a broader thaw in Tehran’s relations with the West by reviving the nuclear deal and easing sanctions, according to analysts and traders. While the appointment of reformist politician Masoud Pezeshkian as Iran’s president may not immediately change Washington’s policy on the issue, Asian crude buyers are glimpsing light at the end of the tunnel when it comes to the sanctions. “Oil policy changes under the new regime will be ...

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Oil prices rise on bigger than expected drop in US crude stocks

Oil prices extended gains on Thursday, buoyed by a bigger than expected decline in crude stocks in the United States, the world’s largest oil consumer. Brent futures rose 41 cents, or 0.5%, to $85.49 a barrel by 0819 GMT and U.S. West Texas Intermediate (WTI) crude was up 69 cents, or 0.8%, at $83.54, with both having registered gains in the previous session. U.S. crude inventories fell by 4.9 million barrels last week, data from the U.S. Energy Information Administration showed on Wednesday. That exceeds a decline of 30,000 barrels ...

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U.S. LNG natgas feedgas on track to fall to 12-week low, LSEG figures show

The amount of natural gas flowing to U.S. liquefied natural gas (LNG) export plants was on track to drop to a 12-week low on Wednesday due to reductions at several plants, including Freeport LNG in Texas, according to data from financial firm LSEG. For years, LNG feedgas has been the fastest growing source of new U.S. gas demand and the shutdown of any export plant, especially Freeport, can sway gas prices around the world. On Monday, U.S. gas futures NGc1 fell about 7% to a 10-week low after it became ...

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Oil prices gain 2% on big US storage withdrawal, weaker US dollar

Oil prices climbed about 2% on Wednesday on a bigger-than-expected weekly drop in U.S. crude stockpiles and as a weaker U.S. dollar overshadowed signs of lower economic growth in China. Brent futures rose $1.35, or 1.6%, to $85.08 a barrel by 1:33 p.m. EDT (1733 GMT), while U.S. West Texas Intermediate (WTI) crude rose $2.09, or 2.6%, to settle at $82.85. On Tuesday, Brent closed at its lowest level since June 14 and WTI at its lowest since June 21. The premium of Brent over WTI narrowed to around $3.65 ...

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US crude stockpiles fall sharply, fuel builds, EIA says

U.S. crude oil stockpiles last weekfell more than expected, whilegasoline and distillate inventories rose, the Energy Information Administration (EIA) said on Wednesday. Crude inventories fell by 4.9 million barrels to 440.2 million barrels in the week ending July 12, the EIA said, compared with analysts’ expectations in a Reuters poll for a 33,000-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub for U.S. futures fell by 875,000 barrels last week, the EIA said. Brent crude LCOc1 and U.S. West Texas Intermediate crude(WTI) futures were little changed following the report. ...

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China’s oil sector is weak, with rising crude inventories

China’s crude oil market is unambiguously weak. Not only has the world’s biggest importer seen a fall in arrivals in the first half of the year, it has also been boosting the volumes being added to stockpiles. China added 1.48 million barrels per day (bpd) to either commercial or strategic oil stockpiles in June as lower refinery throughput outweighed soft crude imports. For the first half of 2024, China put about 900,000 bpd into storage tanks, and this amount has been accelerating in recent months. The tepid imports and the ...

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Middle East Crude-Benchmarks recover; Sept al-Shaheen hits 3-mth high

Spot premiums for Middle East crude benchmarks Dubai and Murban rose on Wednesday after slipping in the past two sessions, attracting demand from some Asian refiners. India’s Reliance Industries bought 1.5 million to 2 million barrels of Murban crude from Totsa and Shell at premiums of about $1.60 a barrel to Dubai quotes, traders said. PTT has also bought Murban at a premium of $1.56 a barrel from Repsol, one of the traders said. The Thai refiner may have also bought Umm Lulu, another trader said. Separately, QatarEnergy raised the ...

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Experts call for ‘serious’ debate about fracking Mexico’s vast unconventional oil, gas deposits

Given the large amount of unconventional hydrocarbon resources found in Mexico and how much fracking technology has advanced, the country cannot afford to neglect their exploitation without a serious debate, experts said at an energy forum held at the Mexican Senate. According to data from the National Hydrocarbons Commission, or CNH, the Mexican upstream regulator, Mexico has roughly 113 billion barrels of oil equivalent in prospective resources, 57% in unconventional deposits. Most of those resources, however, have either never been assigned for exploration or have never even been included in ...

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Europe Gas: Prices mixed on lower wind, strong inventories

Dutch and British gas prices were mixed on Wednesday morning amid an expected drop in wind speed across continental Europe, while storage build remains strong. The benchmark front-month contract at the Dutch TTF hub was 0.23 euros lower at 32.78 euros per megawatt hour (MWh), or $10.45/mmbtu by 0859 GMT, LSEG data showed. The European gas market appears overall bearish, with a strong supply picture throughout the region and high storage levels across the continent, with limited upside, analysts at Energi Danmark said. The Dutch day-ahead contract was up 0.14 ...

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Asia Naphtha/Gasoline-Naphtha margin up but upside limited

Asia’s naphtha markets inched higher on Wednesday, due to weakness in crude prices, but the upside remained capped as Middle East inventories rose and lacklustre polymer demand weighed. The crack rose to $69.18 per metric ton over Brent crude, compared with $68.10 a day earlier, and the backwardation widened to $5.75 a ton. At the deals window, energy trader Trafigura bought 25,000 tons of second-half September naphtha cargo. O/AS A Japanese producer was heard seeking naphtha for September delivery, market participants said. In gasoline markets, sentiment remained positive amid tight ...

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Qatar sets Sept al-Shaheen crude term price at 3-month high, sources say

QatarEnergy has raised the September term price for al-Shaheen crude to $1.88 a barrel above Dubai quotes, trade sources said on Wednesday, the highest premium in three months. The term price, up from a premium of $1.21 a barrel for August, was set after QatarEnergy sold three cargoes via a tender, they added. Glencore bought the first cargo loading on Sept. 1-2 at a premium of $1.90 a barrel, while Totsa purchased the remaining two loading on Sept. 17-18 and 25-26 at a premium of $1.80 a barrel, the sources ...

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ExxonMobil-led Guyana Hammerhead oil project will have up to 30 wells: government

Guyana’s Environmental Protection Agency has begun a review of an ExxonMobil-led consortium’s intended seventh oil project known as Hammerhead, where up to 30 wells are to be drilled at the site located at the country’s offshore Stabroek Block, the government’s official news agency said July 16. The project would come online in 2029 at a size of 120,000 b/d to 180,000 b/d of oil — smaller than most of the three other oil fields now under development which have capacities of 250,000 b/d each, Guyana’s Department of Public Information said ...

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